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MKT 320F Final Exam Questions and Answers 100% Pass What is "differentiated marketing"? - A) A strategy where a company offers one product to the entire market - B) A strategy that involves targeting several market segments with different products - C) A method of increasing brand visibili...

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  • 10 september 2024
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MKT 320F Final Exam Questions and
Answers 100% Pass

What is "differentiated marketing"?

- A) A strategy where a company offers one product to the entire market

- B) A strategy that involves targeting several market segments with different products

- C) A method of increasing brand visibility through social media

- D) A process for setting uniform pricing across all market segments


✔✔ B) A strategy that involves targeting several market segments with different products




How does "product bundling" benefit companies?

- A) By increasing the individual price of each product

- B) By offering multiple products together at a lower price to increase overall sales

- C) By limiting the availability of products to select customers

- D) By promoting only one product at a time


✔✔ B) By offering multiple products together at a lower price to increase overall sales




What is the purpose of "market skimming" pricing strategy?

- A) To set a low initial price to attract a large number of buyers
1

,- B) To gradually increase prices over time to maximize profits from early adopters

- C) To offer discounts on bulk purchases

- D) To price products based on competitor rates


✔✔ B) To gradually increase prices over time to maximize profits from early adopters




What is "relationship marketing" focused on?

- A) Acquiring new customers through aggressive advertising

- B) Building long-term relationships with customers to foster loyalty

- C) Managing logistics and supply chain issues

- D) Developing new products to meet market demands


✔✔ B) Building long-term relationships with customers to foster loyalty




In "market research," what is the main goal of conducting qualitative research?

- A) To gather numerical data about market trends

- B) To understand deeper insights into customer attitudes and motivations

- C) To evaluate financial performance of marketing strategies

- D) To assess the impact of pricing changes


✔✔ B) To understand deeper insights into customer attitudes and motivations


2

,What is "service differentiation"?

- A) Offering similar services at different price points

- B) Creating distinct features or quality levels in services to stand out from competitors

- C) Reducing the cost of service delivery

- D) Limiting the availability of services to specific regions


✔✔ B) Creating distinct features or quality levels in services to stand out from competitors




How does "viral marketing" work?

- A) By creating content that spreads rapidly through social networks and word-of-mouth

- B) By offering time-limited promotions to increase sales

- C) By targeting traditional media channels for widespread advertising

- D) By using direct mail to reach potential customers


✔✔ A) By creating content that spreads rapidly through social networks and word-of-mouth




What is the "4 Ps" framework in marketing?

- A) Product, Place, Price, and Promotion

- B) Product, Performance, Place, and Price


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, - C) Price, Place, People, and Promotion

- D) Product, Pricing, Promotion, and Partnership


✔✔ A) Product, Place, Price, and Promotion




What does "customer lifetime value" (CLV) measure?

- A) The total cost a customer incurs during their relationship with a company

- B) The total revenue a business earns from a customer over their entire relationship

- C) The length of time a customer remains with a company

- D) The frequency of customer purchases in a given period


✔✔ B) The total revenue a business earns from a customer over their entire relationship




What is "brand awareness"?

- A) The extent to which consumers recognize and remember a brand

- B) The process of creating new brands for different market segments

- C) The level of customer satisfaction with a brand

- D) The total market share held by a brand


✔✔ A) The extent to which consumers recognize and remember a brand




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